Press Information Bureau
Government of India
Ministry of Finance
26-June-2012 14:43 IST
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on June 1, 2012, Government has approved 08 Proposals of Foreign Direct Investment amounting to Rs. 100.01 crore approximately.
In addition, one proposal viz., M/s Shriram Financial Ventures (Chennai) Pvt. Ltd., amounting to Rs. 2000 crore, has been recommended for consideration of Cabinet Committee on Economic Affairs.
Details of Proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting held on 01.06.2012
Following 08 (Eight) proposals have been approved.
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Sl. No.
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Name of the applicant
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Particulars of the proposal
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FDI/NRI inflows
(Rs. In crore)
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ECONOMIC AFFAIRS
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1
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M/s K-Tron Asia Pte. Ltd., Mumbai
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To set up an LLP to carry out the business of wholesale selling and marketing of process equipment products and parts.
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0.01
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FINANCIAL SERVICES
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2
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M/s Zooropa Foods Private Limited, Haryana
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Induction of foreign equity to carry out the business of investing company.
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100.00
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MINES
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3
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M/s Sesa Goa Limited, Goa
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Transfer of shares by way of share swap to carry out the business of exploring, mining, winning, importing, and exporting of earth and ores of all types.
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Nil
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INDUSTRIAL POLICY & PROMOTION
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4
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M/s EHL Eastern Holdings Ltd., Mauritius
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Transfer of shares from NR to NR. The Indian company is engaged in Stock Exchange Business.
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No inflow
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5
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M/s APF II India Investments Pvt. Ltd.
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Clarificatory amendment in clause 4 of the FC approval to reflect the level Foreign equity participation.
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Nil
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6
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M/s JT International (I) Pvt. Ltd.
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Post facto approval for increase in the foreign equity and either repatriation of amount received from NR investor in anticipation of raising their equity stake with FIPB approval which did not materialise.
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Nil
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ECONOMIC AFFAIRS
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7
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M/s Techno Relief Overseas (India) Pvt. Ltd.
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Ex-post-facto approval for NRI investment in the company engaged in the business of trading (export and domestic wholesale) in relief materials.
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Nil
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FINANCIAL SERVCIES
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8
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M/s Gajraj Commercial Pvt. Ltd., West Bengal
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Request for deletion of compounding condition as the company had ceased to act as NBFC before the expiry of the prescribed capitalization period.
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No fresh inflow
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The following 08 (Eight) proposals have been deferred:
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Sl.No
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Name of the applicant
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Particulars of the proposal
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1
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M/s Mahindra and Mahindra Limited, New Delhi
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To set up a new JV to develop, manufacture and provide service support for radar systems and various kinds of defence electronic systems.
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2
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M/s Man Chung Lim Granites India Pvt. Ltd.
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To issue equity shares against foreign remittance made as ‘pre-operative expenses’ for security deposit and import of machinery for raising, purchase and export of Granite stones under 100% EOU scheme.
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3
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M/s B Braun Singapore Pte Limited, Singapore
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Acquisition of shares of the company engaged in the business of life saving intravenous fluids and ophthalmic products.
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4
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M/s Pfizer Limited, Mumbai
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Induction of foreign equity in an operating cum investing company to carry out the business in pharmaceutical sector.
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5
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M/s Scribble Media & Entertainment Pvt. Ltd., Hyderabad
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Induction of foreign equity to carry out the business of publication of evening news publication titled “Post Noon”.
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6
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M/s High Mark Credit Information Services Pvt. Ltd.
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Induction of foreign equity to carry out the business of credit information company.
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7
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M/s Arch Pharmalabs Limited, Mumbai
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Induction of foreign investment in an existing company engaged in the business of manufacture and sale of Active Pharmaceutical Ingredients and contract research and manufacturing services.
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8
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M/s G4S Secure Solutions (India) Pvt. Ltd., Gurgaon
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Ex-post-facto approval for induction of foreign equity to carry out the business of providing security services.
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The following 8 (Eight) proposals have been rejected:
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Sl.No
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Name of the applicant
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Particulars of the proposal
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1
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M/s A2Z Waste Management Private Limited
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Induction of foreign equity by an overseas company which is a WoS of the Indian company to carry out the business of Waste Management.
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2
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M/s GPX India Private Limited, Maharashtra
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To issue equity shares against import of capital goods/ equipment/ machinery. The company is engaged in the business of setting up of domestic Other Service Provider (OS) (Data Centre) for providing various products and services to its clients/customers.
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3
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M/s VIL Media Pvt. Ltd., Andhra Pradesh
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Induction of foreign equity to carry out the business of up-linking news and current affairs TV channel.
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4
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M/s GN ReSound India Pvt. Ltd.
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Conversion of amount payable to shareholders appearing in its books of accounts as Unsecured Loan into fully paid up equity shares.
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5
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M/s M and C Rakindo Hospitality Pvt. Ltd., Coimbatore
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Ex-post-facto approval to issue and allot partly paid up shares to carry out the business of development, construction ownership, management, sale and/ or lease of hotel projects in India.
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6
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M/s Fischer Measurement Technologies (India) Pvt. Ltd., Maharashtra
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To issue shares for consideration other than inward remittances.
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7
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M/s Shriprop Housing Pvt. Ltd. and Shriram Properties Ltd., Bangalore
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Transfer of shares by the foreign investor before expiry of 3 years from the date of minimum capitalization norms.
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8
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M/s Spire Advisory Services India Private Limited, Andhra Pradesh
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Confirmation regarding fulfillment of minimum capitalization norms - regarding.
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The following 03 (Three) proposals have been advised to access automatic route:
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Sl.No
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Name of the applicant
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Particulars of the proposal
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FDI/NRI inflows (Rs. in crore)
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1
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M/s Estee Commodities Pvt. Ltd., New Delhi
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Induction of foreign investment from NRIs and foreign investor in the holding company, which is Indian owned and controlled, to carry out the business of Commodity Broking.
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No fresh inflow
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2
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M/s Flash Forge Fluid Control Pvt. Ltd., Maharashtra
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Induction of foreign equity to carry out the manufacturing of pumps, compressors, taps and valves; and manufacture of parts and accessories n.e.c for ships and boats.
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1.04
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3
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M/s Columbia Global Center in India, Mumbai
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Ex post facto approval for induction of FDI in a Section 25 (not for profit) company engaged in research and associated scholarly activities.
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0.44
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The following 02 (Two) proposals have been withdrawn from the Agenda:
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Sl. No
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Name of the applicant
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1
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M/s Ramboll India Private Limited, Hyderabad
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2
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M/s IHT Publishing (India) Pvt. Ltd., New Delhi
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In respect of the following 1 (One) proposal, it is recommended that the applicant may be advised that relaxation of the conditions would not be required in case the applicant provides services relating to import of raw materials by another company.
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Sl.No.
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Name of the applicant
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Particulars of the proposal
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FDI/NRI inflows (Rs. in crore)
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1
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M/s Daewoo International India Pvt. Ltd., New Delhi
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Seeking an exemption from 25% of the total turnover of the wholesale venture in Cash & Carry Wholesale Trading/ Wholesale Trading.
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8.94
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In respect of the following 01 (One) proposal, it is recommended that no post facto approval is required since the company has not engaged in broadcasting and has also deleted reference to broadcasting from MoA.
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Sl.No.
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Name of the applicant
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Particulars of the proposal
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FDI/NRI inflows (Rs. in crore)
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1
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M/s Palred Media and Entertainment Pvt. Ltd., Hyderabad
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Post facto approval for induction of foreign equity to carry out the business of film production and distribution of films, cinemas, motion pictures, television entertainment, animation, internet portals, etc.
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1.91 (already received) (USD: 39,64,230)
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The following 01 (One) proposal has been recommended for the consideration of CCEA, as the investment involved in the proposal is above Rs. 1200.00 crore.
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Sl. No
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Name of the applicant
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Particulars of the proposal
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FDI/NRI inflows (Rs. In crore)
|
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1
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M/s Shriram Financial Ventures (Chennai) Pvt. Ltd.
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Induction of foreign equity in an investing company to make downstream investment.
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2000.00
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* * * * *
DSM/SS/GN
